Compare Personal Loan Offers in India
Compare personal loan offers from India’s leading banks and NBFCs. Compare interest rates, loan amounts, processing fees and repayment tenures to find the best loan for your needs.
HDFC Bank
Interest Rate
9.99% onwards
Loan Amount
Up to ₹50 Lakh
Processing Fee
Up to ₹6,500 + GST
Tenure
12–84 months
ICICI Bank
Interest Rate
9.99% onwards
Loan Amount
Up to ₹50 Lakh
Processing Fee
Up to 2%
Tenure
12–72 months
Axis Bank
Interest Rate
9.99% onwards
Loan Amount
Up to ₹50 Lakh
Processing Fee
Up to 2%
Tenure
12–84 months
State Bank of India
Interest Rate
10.00% onwards
Loan Amount
Up to ₹50 Lakh
Processing Fee
Up to 1.5%
Tenure
6–84 months
Kotak Mahindra Bank
Interest Rate
10.99% onwards
Loan Amount
Up to ₹1 crore
Processing Fee
Up to 5%
Tenure
1–6 years
IDFC FIRST Bank
Interest Rate
9.99% onwards
Loan Amount
Up to ₹15 lakh
Processing Fee
0% – 3.5%
Tenure
9 – 60 months
IndusInd Bank
Interest Rate
10.49% onwards
Loan Amount
₹30,000 – ₹50 lakh
Processing Fee
Up to 3.5%
Tenure
12 – 84 months
YES Bank
Interest Rate
10.85% onwards
Loan Amount
Up to ₹50 Lakh
Processing Fee
Up to 2.5%
Tenure
Up to 72 months
Bajaj Finance
Interest Rate
10.00% onwards
Loan Amount
₹40,000 – ₹55 lakh
Processing Fee
Up to 4.13%
Tenure
Up to 9 Years
Tata Capital
Interest Rate
10.99% onwards
Loan Amount
₹40,000 – ₹35 lakh
Processing Fee
Up to 5%
Tenure
Up to 6 Years
Punjab National Bank
Interest Rate
10.60% onwards
Loan Amount
Up to ₹20 Lakh
Processing Fee
Up to 1%
Tenure
Up to 72 months
Piramal Finance
Interest Rate
12.14% onwards
Loan Amount
₹50,000 – ₹25 lakh
Processing Fee
Up to 5%
Tenure
9 – 60 months
Interest Rate
9.99% onwards
Loan Amount
Up to ₹50 Lakh
Processing Fee
Up to ₹6,500 + GST
Tenure
12 – 84 Months
Interest Rate
9.99% onwards
Loan Amount
Up to ₹50 Lakh
Processing Fee
Up to 2%
Tenure
12–72 months
Interest Rate
9.99% onwards
Loan Amount
Up to ₹50 Lakh
Processing Fee
Up to 2%
Tenure
12 – 84 Months
Interest Rate
10.00% onwards
Loan Amount
Up to ₹50 Lakh
Processing Fee
Up to 1.5%
Tenure
6–84 months
Interest Rate
10.99% onwards
Loan Amount
Up to ₹1 crore
Processing Fee
Up to 5%
Tenure
1–6 years
Interest Rate
9.99% onwards
Loan Amount
Up to ₹15 lakh
Processing Fee
0% – 3.5%
Tenure
9 – 60 months
Interest Rate
10.49% onwards
Loan Amount
₹30,000 – ₹50 lakh
Processing Fee
Up to 3.5%
Tenure
12 – 84 months
Interest Rate
10.85% onwards
Loan Amount
Up to ₹50 Lakh
Processing Fee
Up to 2.5%
Tenure
Up to 72 months
Interest Rate
10.00% onwards
Loan Amount
₹40,000 – ₹55 lakh
Processing Fee
Up to 4.13%
Tenure
Up to 9 Years
Interest Rate
10.99% onwards
Loan Amount
₹40,000 – ₹35 lakh
Processing Fee
Up to 5%
Tenure
Up to 6 Years
Interest Rate
10.60% onwards
Loan Amount
Up to ₹20 Lakh
Processing Fee
Up to 1%
Tenure
Up to 72 months
Interest Rate
12.14% onwards
Loan Amount
₹50,000 – ₹25 lakh
Processing Fee
Up to 5%
Tenure
9 – 60 months
What is a Personal Loan?
A personal loan is an unsecured loan offered by banks and NBFCs to help individuals meet a variety of financial needs. Since it is generally unsecured, you do not have to pledge property, gold or another asset as collateral. The loan amount can typically be used for expenses such as medical emergencies, education, weddings, travel, home renovation, debt consolidation or other personal requirements.
Once approved, the lender transfers the loan amount to your bank account, and you repay it through monthly EMIs over a fixed repayment tenure. The interest rate, loan amount, tenure and other terms depend on the lender and your financial profile, including factors such as your CIBIL score, income, employment, existing obligations and repayment history.
Personal loans are available to both salaried and self-employed applicants, subject to the lender’s eligibility criteria. Before applying, it is important to compare personal loan interest rates, processing fees, loan amounts, repayment tenures and other charges offered by different banks and NBFCs.
Paisafox helps you compare personal loan offers and important loan details in one place, making it easier to explore suitable options before you apply.
Key Features of Personal Loans
No Collateral Required
Personal loans are unsecured, so you don’t need to pledge any asset or security.
Quick Approval
Many lenders offer instant approval and fast loan disbursal, subject to eligibility.
Flexible Repayment Tenure
Choose a repayment period that suits your financial needs, typically from 12 to 84 months.
Multiple End Uses
Use the loan for medical emergencies, weddings, travel, education, home renovation, or debt consolidation.
Competitive Interest Rates
Interest rates vary by lender and applicant profile, with better rates generally available to borrowers with strong credit scores.
Easy Online Application
Apply online, upload documents digitally, and track your application from anywhere.
How to Get an Instant Personal Loan Online
An instant personal loan is a type of unsecured loan that allows eligible borrowers to apply for funds online with minimal paperwork. Depending on the lender and the applicant’s profile, the application, verification and approval process can be completed quickly.
Here’s how the process generally works:
- Check your eligibility: Lenders usually consider factors such as your income, employment, credit score, existing financial obligations and age before approving a personal loan.
- Compare available offers: Before applying, compare interest rates, processing fees, loan amounts and repayment tenures offered by different banks and NBFCs.
- Submit an online application: Enter your personal, employment and income details through the lender’s website or digital application platform.
- Complete verification: The lender may verify your identity, income and other information using the documents and details provided during the application.
- Receive the loan decision: If you meet the lender’s eligibility requirements and your application is approved, you will receive the loan terms and sanction details.
- Get the funds: After accepting the terms and completing the required formalities, the approved amount is transferred to your bank account. The actual time for disbursal varies by lender and applicant.
Tips to Get the Best Personal Loan Offers
Getting the best personal loan is not just about choosing the lowest interest rate. Maintaining a good credit profile, comparing offers from multiple lenders, and applying with the right lender can significantly improve your approval chances and help you secure better loan terms.
- Maintain a CIBIL score of 750 or above to improve your chances of approval and qualify for lower interest rates.
- Compare offers from multiple banks and NBFCs before applying to find the best interest rate, processing fee, and repayment terms.
- Apply with lenders where you meet the eligibility criteria to improve your approval chances.
- Avoid submitting multiple loan applications within a short period, as frequent credit enquiries can affect your credit profile.
- Choose a loan amount and EMI that fit your repayment capacity to reduce the risk of rejection.
- Review your credit report for errors and get them corrected before applying for a loan.
Documents Required for Personal Loan
For Salaried Individuals
- Aadhaar Card / PAN Card
- Address Proof
- Salary Slips (last 3 months)
- Bank Statement (last 6 months)
- Employment Proof
For Self-Employed Individuals
- Aadhaar Card / PAN Card
- Business Proof (GST, Registration Certificate)
- ITR (last 2 years)
- Financial statements
- Bank Statement
Personal Loan Eligibility
For Salaried Individuals
Age: 21 – 60 years
Minimum Salary: ₹15,000 – ₹25,000/month
Employment: Salaried (private/public/MNC)
Experience: 1 year (6 months in current job)
CIBIL Score: 700+
For Self-Employed Individuals
Age: 25 – 65 years
Minimum Income: ₹2–2.5 Lakhs/year
Business Vintage: 2–3 years
Business Type: Proprietor/Partner/Director
CIBIL Score: 700+
CIBIL Score Requirements for Personal Loans
There is no single minimum CIBIL score that guarantees approval for a personal loan. Each bank and NBFC has its own eligibility criteria, and lenders may also consider your income, employment, existing EMIs, repayment history and other factors before making a lending decision.
As a general guide, a CIBIL score of 750 or above is often considered favorable when applying for a personal loan. Applicants with a higher credit score may have a better chance of approval and may qualify for more competitive interest rates, subject to the lender’s policies.
A lower CIBIL score does not necessarily mean that you cannot get a personal loan. Some lenders may consider applications from borrowers with lower scores, although the available loan amount, interest rate and other terms may differ.
| CIBIL Score | General indication |
|---|---|
| 750+ | Generally considered a strong credit profile |
| 700–749 | May qualify with many lenders, depending on other factors |
| 650–699 | Approval may be more difficult or terms may be less favorable |
| Below 650 | Personal loan options may be limited |
These ranges are only indicative and should not be treated as fixed lender requirements. Your actual eligibility depends on the individual lender’s criteria and your overall financial profile.
Before applying, it is a good idea to check your CIBIL score, compare suitable personal loan offers and apply only with lenders whose eligibility requirements you are likely to meet.
Personal Loan Interest Rates & Other Charges
Compare the latest personal loan interest rates, processing fees, foreclosure charges and other applicable charges offered by leading banks and NBFCs in India.
Interest Rate
Starting From
9.99% p.a.*
FEES & CHARGES
| Particular | Typical Charges |
|---|---|
| Processing Fee | Up to 4% of loan amount |
| Prepayment Charges | 2%–5% (varies by lender) |
| Foreclosure Charges | May apply on fixed-rate loans |
| Penal Interest | Up to 2% per month |
| EMI Bounce Charges | ₹300–₹750 per instance |
| Duplicate Statement | As per lender policy |
| Stamp Duty | As per state laws |
Note: The charges mentioned above are indicative and may vary from one lender to another. Always check the lender’s official schedule of charges before applying for a personal loan.
How to Apply for a Personal Loan
Compare Loans
Compare interest rates and loan offers from top lenders.
Click Apply
Choose your preferred loan and start application.
Fill Details
Enter your personal and income details.
Upload Documents
Submit KYC and financial documents online.
Get Disbursal
Receive funds directly in your bank account quickly.
Personal Loan EMI Calculator
Use the Paisafox Personal Loan EMI Calculator to estimate your monthly EMI before applying for a loan. Simply enter your loan amount, interest rate and repayment tenure to calculate your monthly instalment, total interest payable and total repayment amount.
How is Personal Loan EMI Calculated?
Where:
• P = Principal loan amount
• R = Monthly interest rate (Annual Interest Rate ÷ 12 ÷ 100)
• N = Loan tenure in months
Sample EMI Calculation
Example:
Loan Amount: ₹10,00,000
Interest Rate: 12% per annum
Loan Tenure: 48 months
Monthly Interest Rate (R) = 12 ÷ 12 ÷ 100 = 0.01
Estimated EMI = ₹26,334 per month
Total Repayment = ₹12,64,032
Total Interest Payable = ₹2,64,032
Note: The above calculation is for illustrative purposes only. Your actual EMI may vary depending on the lender’s interest rate, loan amount, repayment tenure and applicable charges.
Types of Personal Loans in India
Personal loans are available for different financial needs and borrower profiles. Depending on your eligibility and purpose, you can choose from several types of personal loans offered by banks and NBFCs in India.
Instant Personal Loan
Get quick approval and fast loan disbursal, often within a few hours. Best suited for urgent financial needs with minimal documentation.
Flexi Personal Loan
Enjoy a pre-approved credit limit and withdraw funds whenever required. Interest is charged only on the amount you use.
Pre-approved Personal Loan
Offered to existing customers with a good repayment history. These loans usually have faster approval and minimal documentation.
Top-up Personal Loan
Borrow additional funds over your existing personal loan without applying for a completely new loan, subject to lender eligibility.
Personal Loan Balance Transfer
Transfer your existing personal loan to another lender offering a lower interest rate, better repayment terms or additional top-up funds.
Purpose-based Personal Loan
Personal loans can also be used for specific purposes such as weddings, medical emergencies, education, travel, home renovation or debt consolidation.
Common Uses of a Personal Loan
A personal loan is an unsecured loan that can be used for a wide range of planned and unexpected expenses. Unlike purpose-specific loans, personal loans generally give borrowers flexibility in how they use the funds, subject to the lender’s terms and conditions.
Here are some of the common reasons people take a personal loan:
- Medical and emergency expenses: A personal loan can help cover unexpected medical bills, treatments or other urgent financial requirements.
- Wedding expenses: Borrowers may use personal loan funds to manage wedding-related costs such as venue bookings, travel, catering and other expenses.
- Home renovation: Personal loans can be used to fund repairs, renovation work, furniture purchases or other home improvement projects.
- Education expenses: A personal loan may help meet certain education-related costs when other funding sources are not sufficient.
- Travel and holidays: Borrowers may use a personal loan to finance travel expenses, although it is important to consider whether taking on debt for discretionary spending fits their budget.
- Debt consolidation: A personal loan may be used to consolidate certain existing debts into a single repayment, depending on the lender’s policies and the overall cost involved.
- Personal Loan for Students: Depending on the lender’s eligibility criteria, a personal loan may help students or their families meet education-related expenses such as tuition fees, books, accommodation, travel and other costs.
- Other financial needs: Depending on the lender’s terms, the funds may be used for various legitimate personal expenses without requiring the borrower to specify a particular end use.
Personal Loan Mistakes You Should Avoid
A personal loan can be useful when you need funds, but the wrong loan choice can increase your borrowing cost or put unnecessary pressure on your finances. Before applying, keep these mistakes in mind:
- Focusing only on the EMI: A low EMI can sometimes come with a longer repayment period. Look at the total amount you will repay over the entire loan tenure, not just the monthly instalment.
- Skipping the comparison process: Different lenders may offer different rates, fees, loan amounts and repayment periods. Compare several suitable offers before deciding where to apply.
- Taking a loan without a clear repayment plan: Before borrowing, consider your existing EMIs, regular expenses and income. Make sure the new EMI remains manageable even after accounting for your other financial commitments.
- Overlooking the fine print: Check the important terms of the loan agreement, including processing charges, late-payment fees, prepayment or foreclosure conditions, and other applicable costs.
- Borrowing simply because you are eligible: Being eligible for a larger loan does not mean you should take the full amount. Borrow according to your actual requirement and repayment capacity.
- Making too many loan applications: Applying to several lenders at the same time can lead to multiple credit enquiries. Shortlist suitable lenders first and then apply selectively.
- Ignoring your credit profile: Your credit score and repayment history can influence your chances of approval and the terms offered by a lender. Check your credit profile and understand your eligibility before submitting an application.
Why Personal Loan Applications Are Rejected
Getting a personal loan application rejected can be frustrating, especially when you need funds urgently. Lenders assess several factors before approving a loan, so meeting one eligibility requirement does not necessarily guarantee approval. Some common reasons for personal loan rejection include:
- Low CIBIL score: A low credit score or poor repayment history can make lenders consider an application higher risk.
- High existing EMIs: If a large portion of your monthly income is already committed to loan repayments, the lender may consider you overburdened with debt.
- Insufficient or unstable income: Lenders generally look at your income and employment stability to determine whether you can comfortably repay the loan.
- Incomplete or incorrect information: Mistakes in the application form, mismatched details or missing documents can delay or lead to rejection of your application.
- Not meeting the lender's eligibility criteria: Each bank and NBFC has its own requirements related to age, income, employment, location, credit profile and other factors.
- Too many recent loan applications: Multiple credit applications within a short period can result in several hard enquiries on your credit report and may affect how lenders assess your credit profile.
- Unfavorable credit history: Defaults, delayed payments, settled accounts or other negative information in your credit report may reduce your chances of approval.
- Frequent job changes: Some lenders consider employment stability while assessing repayment capacity, particularly when evaluating salaried applicants.
Frequently Asked Questions
What is a personal loan?
A personal loan is an unsecured loan offered by banks and NBFCs that can be used for various personal expenses, such as medical emergencies, education, weddings, travel, home renovation or debt consolidation. You generally don’t need to provide collateral, and the borrowed amount is repaid through fixed monthly EMIs over a chosen repayment tenure.
How fast can I get a personal loan?
Personal loans can be approved and disbursed within 24–72 hours, depending on the lender.
What is the minimum salary required for a personal loan?
Most lenders require a minimum salary of ₹15,000 to ₹25,000 per month depending on the city and employer profile.
What CIBIL score is required for a personal loan?
There is no fixed minimum CIBIL score required for every personal loan. However, a CIBIL score of 700 or above can improve your chances of approval with many lenders, while 750+ is generally considered a strong credit profile. Lenders also consider your income, employment, existing EMIs, repayment history and other eligibility criteria before approving a personal loan.
Can self-employed individuals apply for a personal loan?
Yes, self-employed individuals can apply by providing income proof, business documents, and bank statements.
What is the interest rate on personal loans?
Interest rates usually start from around 9.99% per annum and vary based on your profile and lender.
Can I get a personal loan with a 650 CIBIL score?
Yes, you can get a personal loan with a 650 CIBIL score, but options may be limited. Most lenders prefer a score of 700 or above, so with a 650 score, you may face higher interest rates, lower loan amounts, or stricter eligibility checks.
Does CIBIL score affect personal loan interest rate?
Yes, your CIBIL score directly affects your personal loan interest rate. A higher score (750+) indicates strong creditworthiness and can help you get lower interest rates and better loan terms. On the other hand, a lower score may lead to higher interest rates or even loan rejection, as lenders see it as higher risk.